Petrofac wins two contracts to work on refinery in Saudi Arabia
FTSE 100 oilfield services giant Petrofac has scored two engineering, procurement and construction contracts for work on Saudi Aramco's Jazan Refinery and Terminal project.
FTSE 100 oilfield services giant Petrofac has scored two engineering, procurement and construction contracts for work on Saudi Aramco's Jazan Refinery and Terminal project.
Under the contacts, which are worth a combined total of $1.4bn, the company's Saudi Arabia office will lead the project management delivery of the work scope which covers tank farms in the north and south areas of the development.
The packages are expected to be completed within a three year period.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Marwan Chedid, Chief Executive of Petrofac's Engineering, Construction, Operations & Maintenance (ECOM) division, said: "We are delighted to have secured these significant packages for Saudi Aramco on their Jazan Refinery and Terminal project. This will serve to reinforce the relationships and experience we have developed through our recent involvement on the Karan project as well as our on-going Petro Rabigh projects for Saudi Aramco and Sumitomo Chemical Co.
"As this project progresses, we look forward to working closely with Saudi Aramco and our contractors to further deepen our engineering and project management capability in the Kingdom."
On completion, the refinery is set to produce around 400,000 barrels of oil per day, with associated terminal facilities on the Red Sea near Jazan in the south west of the Kingdom of Saudi Arabia.
Petrofac's share price rose 0.49% to 1,645p by 13:30.
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Christmas at Chatsworth: review of The Cavendish Hotel at Baslow
MoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
By Dr Matthew Partridge Published
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published